Financial Stability Oversight Council Improvement Act

Apr. 11, 2018 | H.R. 4061

This misnamed bill adds a number of unnecessary procedural obstacles to the already cumbersome and time-consuming process the Financial Stability Oversight Council (FSOC) uses to designate large, non-bank financial entities for increased oversight. The 2008 financial crisis made it obvious that proper consolidated oversight of large non-banks is critical to financial stability. Non-bank financial institutions such as AIG were central contributors to the 2008 crisis and the ensuing economic collapse. The FSOC’s ability to designate non-bank financial companies for enhanced prudential supervision is a crucial line of defense against future systemic risks from non-banks. If enacted this bill has the potential to unravel the regulatory system aimed at preventing the need for future bailouts of “too-big-to-fail” financial institutions. The bill passed on April 11, 2018, and referred to the Senate Banking Committee.

This is Bad for working people.

Vote result: Passed

YEAs: 297
NAYs: 121

Legislator Sort descending State District Party Vote
Rep. Terri Sewell
AL
7 Democrat Yes
Rep. Carol Shea-Porter
NH
1 Democrat Not Voting
Rep. Brad Sherman
CA
32 Democrat Yes
Rep. John Shimkus
IL
15 Republican Yes
Rep. Bill Shuster
PA
9 Republican Yes
Rep. Mike Simpson
ID
2 Republican Not Voting
Sen. Kyrsten Sinema
AZ
ID ID Yes
Rep. Albio Sires
NJ
8 Democrat No
Rep. Adam Smith 9 Democrat No
Rep. Lamar Smith
TX
21 Republican Yes
Rep. Christopher H. Smith
NJ
4 Republican Yes
Rep. Adrian Smith
NE
3 Republican Yes
Rep. Jason Smith
MO
8 Republican Yes
Rep. Lloyd Smucker
PA
11 Republican Yes
Rep. Darren Soto
FL
9 Democrat No
Rep. Jackie Speier
CA
14 Democrat No
Rep. Elise Stefanik
NY
21 Republican Yes
Rep. Chris Stewart
UT
2 Republican Yes
Rep. Steve Stivers
OH
15 Republican Yes
Rep. Thomas Suozzi
NY
3 Democrat Yes